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Spring has sprung and the EU-UK Trade and Cooperation Agreement has been done. Even with this deal ratified and applying in full from May 1, 2021, rifts are still rumbling on both sides of the divide amongst the now quite familiar topics. From differing views on vaccination shipments to fishing quotas, the outlook for a comprehensive building of new bridges on financial regulatory cooperation or least mutual market coexistence is still fragile. The efforts on the planned regulatory memorandum of understanding still stops short of equivalence. Diverging standards on everything from the future direction of supervision of crypto-assets, artificial intelligence (see our coverage on these new rules) to ESG methodology, as well as UK tweaks to MiFID research rules or to EU “quick fix” legislation that was previously on-shored in the UK is driving fragmentation.